Presented below is information related to equipment owned by
Crane Company at December 31, 2020.
Cost
$9,090,000
Accumulated depreciation to
date
1,010,000
Expected future net cash flows
7,070,000
Fair value
4,848,000
Assume that Crane will continue to use this asset in the future. As
of December 31, 2020, the equipment has a remaining useful life of
4 years.
Prepare the journal entry (if any) to record the impairment of
the asset at December 31, 2020. (If no entry is
required,...